The rand was softer at midday on Monday ahead of Finance Minister Pravin Gordhan’s budget speech to Parliament on Wednesday and this week’s release of tourism and producer price index (PPI) data. This was also in line with negative reactions to Brian Molefe’s appointment as an MP. Rand Merchant Bank (RMB) analysts said the rand’s "recent rally has been broken" amid speculation that Molefe could replace Gordhan as minister of finance.
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